PayPal co-founder Peter Thiel calls Bitcoin a ‘Chinese financial weapon against the US’

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PayPal co-founder Peter Thiel said on Tuesday that bitcoin could be used as a “ Chinese financial weapon against the US ” and criticized Google and Apple for being too close to China.

Thiel took part in a virtual event called The Nixon Seminar hosted by the Richard Nixon Foundation when he explained that while he has invested in Bitcoin companies and considers it the ‘digital equivalent of gold’, it could be the US dollar. threaten.

“ Although I am a pro-crypto, pro-Bitcoin maximalist, I wonder if Bitcoin should also be viewed in part as a Chinese financial weapon against the US at this point, ” Thiel said.

His comments seemed to represent a change in the direction of bitcoin as he urged the US to consider stricter rules for cryptocurrencies.

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PayPal co-founder Peter Thiel said on Tuesday that bitcoin could be a `` Chinese financial weapon against the US '' and criticized Google and Apple for being too close to China.

PayPal co-founder Peter Thiel said on Tuesday that bitcoin could be a “ Chinese financial weapon against the US ” and criticized Google and Apple for being too close to China.

“It threatens fiat money, but it especially threatens the US dollar,” said Thiel.[If] China’s long bitcoin, perhaps from a geopolitical perspective, should ask the US some tougher questions about exactly how that works. ‘

During the conversation, Thiel also redoubled his criticism of Google before calling Apple the “ real problem. ”

‘You know, a few years ago I criticized Google for refusing to work on its AI technology at Project Maven with the US military, but working with Chinese universities and Chinese researchers.

And since everything in China is a civil-military merger, Google was actually working with the Chinese military, not the US military.

And there was sort of this question, “Why was Google doing this?” And one of the things I was told by some insiders at Google was that they thought they might as well give the technology away the front door because if they didn’t give it, it would get stolen anyway. ‘

Thiel then gave his opinion on Apple, saying, ‘Apple is probably the one [tech company] structurally this is a real problem as the entire iPhone supply chain is made from China. Apple has real synergies with China. ‘

The venture capitalist and conservative donor went on to say that he believes the US should “continue to put some pressure on Silicon Valley” and “call companies like Google to work with communist China and not the US military on AI.”

“I think we need to put a lot of pressure on Apple with its entire workforce supply chain on iPhone manufacturing in China,” he added.

Bitcoin's seemingly unstoppable surge continued this year as the cost of a single unit of the digital currency first rose above $ 50,000 in February.

Bitcoin's seemingly unstoppable surge continued this year as the cost of a single unit of the digital currency first rose above $ 50,000 in February.

Bitcoin’s seemingly unstoppable surge continued this year as the cost of a single unit of the digital currency first rose above $ 50,000 in February.

Bitcoin's price is up nearly 200 percent between December 2020 and February 2021

Bitcoin's price is up nearly 200 percent between December 2020 and February 2021

Bitcoin’s price is up nearly 200 percent between December 2020 and February 2021

In February, electric car company Tesla shocked the digital currency markets and said it was buying $ 1.5 billion in Bitcoin as part of a new investment strategy.  This chart shows the price of Bitcoin from Thursday

In February, electric car company Tesla shocked the digital currency markets and said it was buying $ 1.5 billion in Bitcoin as part of a new investment strategy.  This chart shows the price of Bitcoin from Thursday

In February, electric car company Tesla shocked the digital currency markets and said it was buying $ 1.5 billion in Bitcoin as part of a new investment strategy. This chart shows the price of Bitcoin from Thursday

Bitcoin’s seemingly unstoppable surge continued this year as the cost of a single unit of the digital currency first rose above $ 50,000 in February.

Bitcoin’s price is up nearly 200 percent between December 2020 and February 2021.

And just this week, the value of the cryptocurrency market hit $ 2 trillion for the first time.

Bitcoin accounts for more than 50 percent of the total cryptocurrency market cap.

Bitcoin is on the rise as more companies signal that the digital currency could eventually gain wide acceptance as a means of payment.

The vast majority of those who have bought Bitcoin have treated it as a commodity, such as gold, and few places accept it in exchange for goods or services.

Businesses were suspicious of Bitcoin’s volatility and its use by parties who, for a myriad of reasons, want to avoid the traditional banking system.

However, in February, electric car company Tesla shocked the digital currency markets, saying it was buying $ 1.5 billion in Bitcoin as part of a new investment strategy and would soon accept Bitcoin as payment for its cars.

BNY Mellon, the oldest bank in the US, followed suit a day later and said it would include digital currency in the services it provides to customers.

Mastercard said it would start supporting “select cryptocurrencies” on its network.

And Blue Ridge Bank of Charlottesville, Virginia, said it would allow cardholders to buy and redeem Bitcoin at 19 of its ATMs.

Overstock.com appears to accept Bitcoin for most of the listings on its website, including cameras, vacuum cleaners, and clothing.

PayPal allows its account holders to buy, sell, and hold four cryptocurrencies, including Bitcoin – but you can’t use it to pay people, at least not yet.

Payment company Square bought $ 50 million worth of Bitcoin for approximately $ 10,600 each in October, and allows users of its cash app to purchase Bitcoin from their mobile devices.